India-Russia ministers hold discussions to push bilateral trade

Bilateral trade reached US$ 45 billion between April 2022 and February 2023

April 19, 2023

Trade turnover between Russia & India exceeded US$ 35 billion

Manturov met with Finance Minister Nirmala Sitharaman and Commerce Minister Piyush Goyal to discuss joint projects in shipbuilding, metallurgy, and railways

A new form of support has been introduced to Indian business representatives in the form of a cluster investment platform that can be utilized for collaborative projects

Russia is assisting India to build 120 Vande Bharat trains

Indian Foreign Minister S Jaishankar and Russin Deputy PM Denis Manturov discussed ways to boost both the countries’ trade turnover, which has reached US$ 45 billion between April 2022 and February 2023. 

Jaishankar highlighted India’s “Make in India” initiative, aimed at promoting greater manufacturing capacities and making India a major global manufacturing hub. He also emphasized the opportunities for joint projects in the “Make in India – Make for the World” format, which could benefit both countries and have third-country market implications.

According to Manturov, trade turnover between Russia & India exceeded US$ 35 billion. During the meeting, they explored collaboration opportunities in various areas, including trade, finance, industry, energy (particularly nuclear power), agriculture, transport, healthcare, education, and culture.

Jaishankar also noted that the partnership between India and Russia has been steady and committed to a multi-polar world, which includes a multi-polar Asia. For Russia, this means broadening its engagement beyond military, nuclear, and space cooperation, while for India, it could mean expanding its engagement with Russia beyond its traditional focus.

The Russian Deputy PM also met with Finance Minister Nirmala Sitharaman and Commerce Minister Piyush Goyal to discuss joint projects in shipbuilding, metallurgy, and railways. Furthermore, the two officials attended a closed-door business forum with Russian and Indian business representatives, where they discussed strengthening practical cooperation between the two countries. 

A new form of support has been introduced to Indian business representatives in the form of a cluster investment platform that can be utilized for collaborative projects. This platform offers favourable loans for the production and growth of essential products, grants for trial runs, benefits for insurance premiums, and income tax preferences. Also, Russia is assisting India to build 120 Vande Bharat trains.

Source: Economic Times

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